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Non-major undercuts big banks

by Staff Reporter8 minute read
The Adviser

Staff Reporter

Competition in mortgage lending shows no sign of abating with AMP unveiling a new variable home loan rate that undercuts the big four banks’ rates.

The AMP Essential Home Loan boasts a variable interest rate of just 6.85 per cent.

In addition, the new product has no ongoing fees, and as an introductory offer, settlement and establishment fees will be waived until 31 December 2011.

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AMP Bank chief operating officer Robert Slocombe said the new home loan was designed to ensure customers can access a simple home loan at a low cost and competitive interest rate.

“The AMP Essential Home Loan is a great alternative to the major banks, especially for entry-level customers and people looking for a competitive basic low cost loan that still gives them the more popular home loan options,” he said.

“It’s one of the best value variable rate home loans on the market with all of the most commonly requested home loan features – a low interest rate, no ongoing fees and free redraw – without those other features many customers don’t need or want.”

AMP Bank offers the home loan direct to customers as well as through its network of accredited mortgage brokers and financial planners.

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